Rental yield by municipality: where to invest in the Pays de Gex in 2026?

Before comparing the municipalities, it is useful to recall what makes this territory unique. The Pays de Gex includes 28 municipalities spread over about thirty kilometres, along the border with the cantons of Vaud and Geneva. Its working population is largely oriented towards Switzerland: according to AFEDIM, 62% of the working population in the area work there as cross-border workers, with salaries in Swiss francs that support a solvency well above the French average.

As a direct consequence, rents are structurally very high. The Observatory of Territories lists average rents exceeding €20/m² in almost all the municipalities on the border fringe — Ferney-Voltaire posting nearly €29/m², Prévessin-Moëns around €24/m², and even Thoiry, although more inland, at more than €28/m². It is in this context that we must analyse the yield.

A "moderate" yield in Pays de Gex is not a bad return. In a market with high purchase prices and high market rents, a gross yield of 3.5 to 4.5% is often comparable to what is obtained in Paris or Lyon, with the advantage of a structurally low rental vacancy and a well-documented long-term valuation potential.

The estimates below are calculated from the market prices per m² observed at the beginning of 2026 and the rent levels recorded by the Observatory of Territories and AFEDIM. The gross yield is calculated on the basis of a T2-T3 apartment, which is well representative of the current rental supply. It does not take into account charges, property tax or taxation (net return).

Ferney-Voltaire is the most urbanised and liquid municipality in the Pays de Gex. With nearly 90% of apartments in the rental stock, it is naturally aimed at investors who want an asset that is easy to rent and resell. The gross yield is around 4 to 4.5%, which is correct in this context of high prices, but this is not where you will look for the best return in the short term.

The main advantage remains demand: the extension of the tramway from Geneva to Ferney, which is scheduled to be put into service in 2027, should further strengthen the attractiveness of the municipality for car-free cross-border commuters. In addition, there is the Cité internationale des savoirs project, which plans to create 2,500 jobs by 2030. These factors argue for good rent performance in the medium term.

Saint-Genis-Pouilly has one of the most attractive profiles for investors looking for a steady gross return. Purchase prices are 5 to 10% lower than in Ferney-Voltaire, while rents remain at a comparable level thanks to the proximity of CERN – which employs around 2,500 people permanently – and an efficient TPG (Geneva cross-border bus) connection.

The market recorded a price increase of around 13% between 2018 and 2025, or about 1.9% per year, a moderate but stable pace. The city also produces more new housing than the Pays de Gex average, with 270 housing units authorized over 2024-2025, which guarantees a renewed and attractive stock for demanding tenant profiles.

Prévessin-Moëns has one of the best rent/price ratios in the border sector. With average rents hovering around €24/m² (and sometimes more for well-located properties), and slightly lower purchase prices in Ferney, the gross yield can exceed 5% on some well-targeted properties. The town attracts a clientele of scientists and engineers linked to CERN (in particular the CMS site in Cessy, nearby), who favour quality family housing for long-term rentals. Rental vacancies are very low.

Ornex occupies a strategic geographical position between Ferney-Voltaire and Divonne-les-Bains, 3 km from the Swiss border. Prices are 10 to 20% lower than in Ferney, while benefiting from almost identical accessibility in Geneva (10-15 minutes). This discount on purchase, without depreciation on rents, automatically translates into a better gross return. The rental clientele is mainly made up of CERN scientists, officials from international organisations and border families looking for a quiet environment.

Thoiry is a positive anomaly in the landscape of the Pays de Gex. While the commune is located about ten kilometres from the border, its market rents reach remarkably high levels – around €28/m² according to the Observatory of Territories – higher than most border municipalities. This paradox can be explained by a combination of factors: very limited rental supply, high demand from border families looking for space and greenery, and a very high perceived quality of life (preserved village, visible Mont Blanc, quality shops).

As a result, with purchase prices still below €4,500/m² for old properties, the gross yield can reach 6 to 7% on small, well-located areas. This is by far the best measurable gross yield in the Pays de Gex. The main risk is a very limited supply, which complicates the sourcing of properties available for purchase.

Gex, the prefecture of the Pays de Gex, offers a more diversified market: affordable prices (around €4,500/m² for apartments), a developed commercial fabric, schools, and a bus rapid transit (BRT) linking the city centre to the Cornavin train station in Geneva. The gross yield is generally between 4 and 5%, with rental demand driven by families, students and local workers working in the 16 economic activity zones of the territory.

Gex is often underestimated by investors who focus on the border, but it offers attractive valuation potential as the transport infrastructure to Geneva strengthens.

Divonne-les-Bains is the market of prestige and international clientele. With prices per m² among the highest in the Pays de Gex — around €6,000/m² for apartments — and rents that are not growing as fast as prices, the gross yield is mechanically lower, around 3.5 to 4.5%. This market is suitable for investors who favor the asset value and the quality of the tenant over immediate profitability. Demand comes largely from a wealthy international clientele (employees of international organizations, Swiss families looking to cross the border).

Comparing gross returns is useful for an initial filter, but three complementary elements must be taken into account before making any investment decision in the Pays de Gex.

In a market where demand remains strong but the volume of transactions has corrected in 2023-2024, liquidity is not uniform. Ferney-Voltaire and Saint-Genis-Pouilly offer the best resale conditions thanks to the depth of their market. Thoiry or Ornex, with a lower volume, may require more time to sell, which must be integrated into the overall performance calculation.

The Pays de Gex is not immune to national regulations on energy performance. Properties classified F and G are gradually being excluded from the rental market. In a market where cross-border tenants are demanding and do not easily accept run-down housing, investing in a property with a poor DPE without a planned work budget can weigh heavily on the real net return.

Note: The Pays de Gex is classified in Zone A, which entitles the Loc'Avantages scheme (ex-Pinel) to housing that complies with rent ceilings. However, the regulatory ceilings are often lower than local market rents, which sometimes reduces the tax interest of the scheme in this specific territory.

The Pays de Gex is not a generalist rental market. Cross-border tenants with Swiss incomes, CERN researchers or officials of international organisations have specific expectations: housing in good condition, good DPE, garage or covered parking, fast connection to Geneva. Adapting the type of property to these expectations is an essential condition for minimising rental vacancy and maintaining market rents.